nterest Expense 5,778   Cash 104,287       Notes Payable   110,065 b.

Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…

A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…

Q: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: A business issued a 45-day note for $81,000 to a creditor on account. The note was discounted at 5%.…

A:

Q: Taylor Bank lends Guarantee Company $112,834 on January 1. Guarantee Company signs a $112,834, 10%,…

A: Cash received  on issue of note = $112,834

Q: Taylor Bank lends Guarantee Company $115,531 on January 1. Guarantee Company signs a $115,531, 12%,…

A: Notes Payable means a promissory note in which one party agrees to pay the other party a certain…

Q: Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.…

A:

Q: Taylor Bank lends Guarantee Company $100,137 on January 1. Guarantee Company signs a $100,137, 12%,…

A: Notes Payable- It refers to the obligation (short term as well as long term) on the organization as…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: A company received a Note Receivable from a customer for a sale. The 9 percent, 9-month note was…

A: Value of notes receivable $1,50,000 Rate of Interest 9% Period (May 31 to December 31) 7 months…

Q: West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a…

A: A liability of an individual or a firm that is recorded with proper legally written document to be…

Q: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month, $120,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Jackson Bank lends Jabbour Clothing Company $125,000 on September 1. Jabboursigns a $125,000, 6%,…

A: Interest accrued on December 31 = Notes payable x rate of interest x no. of months / 12 = $125,000 x…

Q: Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.…

A: Notes receivable indicates the asset raised by the company by issuing a note which contains a…

Q: Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759,…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Taylor Bank lends Guarantee Company $150,000 on January 1. Guarantee Company signs a $150,000, 8%,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month $120,000,…

A: In an organization's accounting system, a journal entry is a record of a business transaction.…

Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…

A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…

Q: Taylor Bank lends Guarantee Company $98,618 on January 1. Guarantee Company signs a $98,618, 12%,…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: On June 1, Vaughn Company borrows $144,000 from First Bank on a 6-month, $144,000, 8% note.

A: Interest is charged on accrual basis

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

Q: Valley Designs issued a 120-day, 5% note for $82,600, dated April 20 to Bork Furniture Company on…

A: Given that, Valley designs issued note to Bork furniture company = $82600 Dated on = April 20 Note…

Q: The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note…

A:

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On March 1, Felton Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%,…

A: Working note: Computation of interest expense: Interest expense=Amount borrowed×rate of…

Q: Taylor Bank lends Guarantee Company $111,942 on January 1. Guarantee Company signs a $111,942, 8%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a…

A: The interest chargeable on note does not form a part of journal entry recording the issuance of…

Q: Note Receivable Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a…

A: Introduction: A journal entry is a transcript of the a business deal in an organization's accounting…

Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: a. Prepare journal entry to record the issuance of the note.

Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…

A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…

Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000,…

A: Total interest on notes = Amount borrowed x rate of interest x no. of month/12 = $472000*6%*6/12 =…

Q: Zions Bank lends Teton Company $150,000 on August 1. Teton Company signs a $150,000, 6%, 8-month…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on…

A: Maturity Value = Note Value + Interest

Q: The following selected transactions for notes receivable are for Accustart Limited. May 1…

A: Step 1 Journal is the part of the book keeping.

Q: Royal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%,…

A: A note payable is a written debt instrument.  Its Represents money borrowed by a company or…

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 15 to Bork Furniture Company on…

A: When a company has notes payable or bank loans outstanding on a given reporting date, there is an…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: b)

Q: Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%.…

A: